Government appoints MDs, CEOs for 10 PSBs

The Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi okayed the new appointments.

business news, merger of three banks, Bank of Baroda, Dena Bank, Vijaya Bank, Vijaya Bank merger, public sector banks, indian express

Five Deputy Managing Directors of State Bank of India become CEOs.

Two days after the announcement of the merger of Bank of Baroda, Dena Bank and Vijaya Bank, the government on Wednesday appointed managing directors (MDs) and chief executive officers (CEOs) for 10 public sector banks. Five of the new MD and CEOs are currently functioning as Deputy MDs of State Bank of India (SBI).

Mrutyunjay Mahapatra and Padmaja Chundru, both Deputy MDs in State Bank of India, have been appointed as MD and CEO of Syndicate Bank and Indian Bank respectively, according to an official order issued on Wednesday. Three other Dy MDs of SBI — Pallav Mohapatra, J Packirisamy and Karnam Shekhar — have also been appointed as MD and CEO of Central Bank of India, Andhra Bank and Dena Bank, respectively. They all will have tenure till the date of their superannuation. Mohapatra and Packirisamy’s tenure will last till February 28, 2021. Shekhar will be the MD and CEO of Dena Bank till June 30, 2020. Mahapatra and Chundru will have tenure till the date of their superannuation, i.e. May 31, 2020 and August 31, 2021, respectively, the order issued by the Personnel Ministry said.

The Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi okayed the new appointments. Dena Bank will be merged with the Bank of Baroda as pet the latest move announced by the Ministry of Finance as part of the restructuring exercise undertaken by the government in the wake of high non-performing assests (NPAs).

Story continues below this ad

S S Mallikarjuna Rao has been appointed MD and CEO of Allahabad Bank initially for a period of three years. Rao’s tenure will be extendable up to the date of his superannuation, i.e. January 31, 2022, the order said. He is currently the Executive Director of Syndicate Bank. A S Rajeev, Executive Director of Indian Bank, has been named MD and CEO of Bank of Maharashtra for an initial period of three years and extendable up to two years after “review of his performance”, it said.

Atul Kumar Goel and S Harisankar have been appointed MD and CEO in UCO Bank and Punjab & Sind Bank respectively. Goel is ED, Union Bank of India, and Harisankar is the Executive Director of Allahabad Bank. Ashok Kumar Pradhan will be MD and CEO of United Bank of India. He is currently ED of the United Bank.

The government has also appointed members on the southern, northern and eastern boards of the Reserve Bank of India. Rakesh Jain has been appointed on the southern local board of the RBI, Revathy Iyer and Raghevendra Narayan Dubey on the northern local board and Prof Sachin Chaturvedi on the eastern local board of the RBI.